Auditor Report of Koa Tools India Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of KOA TOOLS
INDIA LIMITED Limited ("the Company"), which comprise the Balance Sheet
as at March 31,2014, Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the companies Act 1956 ("the
Act") read with the general circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013 and in accordance with accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.

Auditor''s Responsibility

Our responsibility Is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material missbtement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate UPthe
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:

a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified In paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary . for the purpose of
our audit;

b) in our opinion proper books of account as required by law have been
kept by the Comp any so far as appears from our examination of those
books

c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
the companies Act 1956 ("the Act) read with the general circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.

e) on the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31ST MARCH,
2014

(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically
verified by the management during the year, which in our opinion is
reasonable , having regard to the size of the comp any and nature of
its business . No material discrepancies were noticed on such
verification.

(c) In our opinion, during the year, the company has not disposed off a
substantial / major part of fixed assets and the going concern status
of the Company is not affected.

(ii) (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.

(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material and have been properly dealt with
in the books of accounts.

(iii) a) The company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. In view of above, clauses
4(iii) (a) to (d) of the Order are not applicable to the Company and no
further comments are made.

b) According to the information and explanations given to us, the
company had taken interest free unsecured loan from one party covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. 7,00,000/-
and the year-end balance is Rs. Nil.

c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
loans have been taken from companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the Company. *

d) In our opinion and according to the information and explanations
given to us, the comp any is repaying the principal amounts as
stipulated and is also regular in the payments, wherever applicable.

(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature Of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any major
weakness in internal controls.

(v) In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into the
register in pursuance of Section 301 of the Act. Accordingly, clause
4(v) of the Companies (Auditors'' Report) Order 2003 (as amended) is not
applicable to the company for the current year.

(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. We are
informed by the management that no order has been passed by the Company
Law Board, National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal.

(vii) In our opinion, the company has an internal audit system
commensurate with the size a and nature of its business. The Directors
themselves are implementing the system.

(viii) The company is a trading company hence clause 4(viii) of
Companies (Auditors''Report) Order, 2003 regarding maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 is not
applicable to the company.

(ix) (a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.

(b) According to the information and explanations given to us, no
undisputed amount s payable in respect of income tax, sales tax, wealth
tax, service tax, customs duty, excise duty and cess were in arrears,
as at 31st March, 2013 for a period of more than six months from the
date they become payable.

(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current but incurred
cash loss in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations
given to us, the comp any has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.

(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the provisions of any special statute applicable
to Chit Fund, Nidhi or Mutual Benefit Fund / Society are not applicable
to the company.

(xiv) In our opinion and according to the information and explanations
given to us, the comp any is not dealing in or trading in shares,
securities, debentures and other investments, Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the company.

(xv) According to the information and explanations given to us the
company has not given any guarantees for loans taken by others from
bank/financial institutions.

(xvi) According to the information and explanations given to us, the
company has not availed any term loan during the year under audit.

(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis that have been used for
long-term investment.

(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act, during the year under audit.

(xix) According to the information and explanations given to us, the
company has not issued any debentures during the year.

(xx) According to the information and explanations given to us, the
company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us, no
fraud on or by the comp any has been noticed or reported during the
course of our audit.

For P.C. BINDAL & CO.
Chartered Accountants
FRN: 003824N

(CA K.C. GUPTA)
Place: New Delhi Partner
Date: 27.05.2014 M.No.088638

Mar 31, 2012

1. We have audited the attached balance sheet of KOA TOOLS INDIA
LIMITED as at 31s1 March' 2012 and the profit & loss account and also
the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining' on a test basis' evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management' as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.

3. As required by the Companies (Auditor's Report) Order' 2003 (as
amended)' issued by Central Government of India in terms of sub-section
(4A) of section 227 of the Companies Act' 1956' we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.

4. Further to our comments in the annexure referred to above' we
report that:

i) We have obtained all the information and explanations' which to the
best of our knowledge and belief were necessary for the purpose of our
audit;

ii) In our opinion' proper books of account as required by the law have
been kept by the company' so far as appears from our examination of
those books

iii) The balance sheet' profit & loss account' and cash flow statement
dealt with by this report are in agreement with the books of account;

v) On the basis of the written representations received from the
directors as on 31s'March' 2012 and taken on record by the Board of
Directors' we report that none of the directors is disqualified as on
31s1 March' 2012 from being appointed as a director in terms of clause

(g) of sub section (1) of section 274 of the Companies Act' 1956;

vi) In our opinion and to the best of our information and according to
the explanations given to us' the said accounts give the information
required by Companies Act' 1956 in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:

a) In the case of Balance Sheet' of the state of affairs of the company
as at 31s1 March' 2012;

b) In the case of Profit & Loss Account' of the profit of the company
for the year ended on that date; and

c) In the case of the Cash Flow Statement' of the cash flows for the
year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31st MARCH'
2012

(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.

(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.

(c) During the year' the company has not disposed off substantial /
major part of fixed assets.

(ii) (a) As explained to us' the inventory has been physically verified
during the year by the management. In our opinion' the frequency of
verification is reasonable.

(b) In our opinion and according to the information and explanations
given to us' the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory' the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material and have been properly dealt with
in the books of accounts.

(iii) a) The company has not granted any loan' secured or unsecured to
companies' firms or other parties covered in the register maintained
under section 301 of the Companies Act' 1956. In view of above' clauses
4(iii) (a) to (d) of the Order are not applicable to the Company and no
further comments are made.

b) According to the information and explanations given to us' the
company had taken interest free unsecured loan from two parties covered
in the register maintained under section 301 of the Companies Act'
1956. The maximum amount involved during the year was Rs. 19'50'000/-
and the year-end balance is Rs. 6'50'000/-.

c) According to the information and explanations given to us' in our
opinion' the rate of interest and other terms and conditions on which
loans have been taken from companies' firms or other parties listed in
the register maintained under section 301 of the Companies Act' 1956
are not' prima facie' prejudicial to the interest of the Company.

d) In our opinion and according to the information and explanations
given to us' the company is repaying the principal amounts as
stipulated and is also regular in the payments' wherever applicable.

(iv) In our opinion and according to the information and explanation
given to us' there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory' fixed assets and with regard to the sale of
goods. During the course of our audit' we have not observed any major
weakness in internal controls.

(v) In our opinion and according to the information and explanations
given to us' there are no transactions that need to be entered into the
register in pursuance of Section 301 of the Act. Accordingly' clause
4(v) of the Companies (Auditors' Report) Order 2003 is not applicable
to the company for the current year.

(vi) In our opinion and according to the information and explanations
given to us' the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act' 1956
and the Companies (Acceptance of Deposits) Rules' 1975 apply. We are
informed by the management that no order has been passed by the Company
Law Board' National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal.

(vii) In our opinion' the company has an internal audit system
commensurate with the size and nature of its business. The Directors
themselves are implementing the system.

(viii) We have broadly reviewed the books of account relating to
materials' labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209( 1) (d) of the Companies
Act' 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not'
however' made a detailed examina- tion of the records with a view to
determining whether they are accurate and correct.

(ix) (a) According to the information and explanations given to us and
according to the books and records produced before us' the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund' investor education and protection fund'
employees' state insurance' income tax' sales tax' wealth tax' service
tax' custom duty' excise duty' cess and other material statutory dues
applicable to it.

(b) According to the information and explanations given to us' no
undisputed amounts payable in respect of income tax' sales tax' wealth
tax' service tax' customs duty' excise duty and cess were in arrears'
as at 31st March' 2012 for a period of more than six months from the
date they become payable.

(c) According to the information and explanations given to us and the
records of the Company examined by us ' dues of sales tax ' income tax'
custom duty' wealth tax' excise duty and cess which have not been
deposited on account of disputes and the forum where the dispute is
pending as under:

(x) In our opinion' the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.

(xi) In our opinion and according to the information and explanations
given to us' the company has not defaulted in repayment of dues to a
financial institution' bank or debenture holders.

(xii) According to the information and explanations given to us' the
company has not granted loans and advances on the basis of security by
way of

pledge of shares' debentures and other securities. (xiii) In our
opinion' the provisions of any special statute applicable to Chit Fund'
Nidhi or Mutual Benefit Fund / Society are not applicable to the

company. (xiv) In our opinion and according to the information and
explanations given to us' the company is not dealing in or trading in
shares' securities'

debentures and other investments' Accordingly' the provisions of clause
4(xiv) of the Companies (Auditor's Report) Order' 2003 are not

applicable to the company. (xv) The company has not given any
guarantees for loans taken by others from bank/financial institutions.
(xvi) According to the information and explanations given to us' the
company has not availed any term loan during the year under audit.

(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company' we report
that no funds raised on short-term basis have been used for long-term
investment.

(xviii) According to the information and explanations given to us' the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act' during the year under audit.

(xix) According to the information and explanations given to us' the
company had not issued any debentures during the year.

(xx) According to the information and explanations given to us' the
company had not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us' no
fraud on or by the company has been noticed or reported during the
course of our audit.

For PC. BINDAL & CO.

Chartered Accountants

FRN: 003824N

CA. K.C.GUPTA

PLACE: Noida. Partner

DATED:28/05/2012 M. No. : 088638

Mar 31, 2010

1. We have audited the attached balance sheet of KOA TOOLS INDIA
LIMITED as at 31st March, 2010 and the profit & loss account and also
the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 (as
amended), issued by Central Government of India in terms of sub-section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.

4. Further to our comments in the annexure referred to above, we
report that:

i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;

ii) In our opinion, proper books of account as required by the law have
been kept by the company, so far as appears from our examination of
those books

iii) The balance sheet, profit & loss account, and cash flow statement
dealt with by this report are in agreement with the books of account ;

iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with this report comply with the accounting
standards referred in section 211(3C) of the Companies Act, 1956

v) On the basis of the written representations received from the
directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956 ;

vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
significant accounting policies and notes to accounts in Schedule "M "
thereof, give the information required by Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:

a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2010;

b) In the case of Profit & Loss Account, of the profit of the company
for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT QF EVEN DATE TO THE
MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31st MARCH,
2010

i(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.

(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.

(c) During the year, the company has not disposed off substantial /
major part of fixed assets.

(ii) (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.

(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material and have been properly dealt with
in the books of accounts.

(iii) a) The company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. In view of above, clauses
4(iii) (a) to (d) of the Order are not applicable to the Company and no
further comments are made.

b) According to the information and explanations given to us, ihe
company had taken interest free unsecured loan from two parties covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. 25.65 lacs
and the year-end balance is Rs. 19.53 Lacs.

c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
loans have been taken from companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the Company.

d) In our opinion and according to the information and explanations
given to us, the company is repaying the principal amounts as
stipulated and is also regular in the payments, wherever applicable.

(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any major
weakness in internal controls.

(v) In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into the
register in pursuance of Section 301 of the Act. Accordingly, clause
4(v) of the Companies (Auditors Report) Order 2003 is not applicable
to the company for the current year.

(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. We are
informed by the management that no order has been passed by the Company
Law Board, National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal.

(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business. The Directors
themselves are implementing the system.

(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determining whether they are accurate and correct.

(ix) (a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.

(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, customs duty, excise duty and cess were in arrears,
as at 31st March, 2010 for a period of more than six months from the
date they become payable.

(c) According to the information and explanations given to us and the
records of the Company examined by us , dues of sales tax , income tax
custom duty , wealth tax , excise duty and cess which have not been
deposited on account of disputes and the forum where the dispute is
pending as under:

Name of the Nature of Dues Amount Period to which Forum where
Statute (Rs.) Amount Relates dispute is
Pending

(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.

(xi) In our opinion, and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.

(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the provisions of any special statute applicable
to Chit Fund, Nidhi or Mutual Benefit Fund / Society are not applicable
to the company.

(xiv) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments, Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.

(xv) The company has not given any guarantees for loans taken by others
from bank/financial institutions.

(xvi) According to the information and explanations given to us, the
company has not availed any term loan during the year under audit.

(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.

(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act, during the year under audit.

(xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.

(xx) According to the information and explanations given to us, the
company had not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.